Parity pricing was designed to
a. create income equality among farmers
b. maintain farmers' purchasing power relative to nonfarmers' purchasing power
c. provide an incentive for farmers to leave farming for nonfarming economic activity
d. encourage investment in agriculture by providing below-equilibrium prices for agricultural equipment
e. restore market prices in agriculture to their equilibrium levels
b. maintain farmers' purchasing power relative to nonfarmers' purchasing power
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If total profit is maximized, then marginal cost must equal marginal revenue.
Answer the following statement true (T) or false (F)
An increase in the price of oil will
A) shift the supply curve of oil to the left. B) shift the supply curve of oil to the right. C) leave the supply curve of oil unchanged. D) not enough information to answer the question.
Suppose a firm in a competitive market earned $1,000 in total revenue and had a marginal revenue of $10 for the last unit produced and sold. What is the average revenue per unit, and how many units were sold?
a. $5 and 50 units b. $5 and 100 units c. $10 and 50 units d. $10 and 100 units
The larger the marginal propensity to save,
A) the smaller the multiplier. B) the larger the multiplier. C) the smaller the change in Real GDP, given a change in autonomous consumption. D) a and c E) none of the above